Skip to main content

Elon Musk’s Confusing Tweet that Crushed Bitcoin

Bitcoin crumpled after Tesla cofounder Elon Musk posted a controversial tweet that was misinterpreted by most bitcoin investors. The value of Bitcoin plummeted to $42,000 on Monday after Musk’s statement, but later rebound after he clarified that Tesla hadn’t sold its holdings.

The value of the cryptocurrency surged to $45,000 following an explanation made by the world’s richest person. “Bitcoiners are going to slap themselves next quarter when they find out Tesla dumped the rest of their #Bitcoin holdings,” Musk wrote on Twitter prompting the lowest plunge ever since February 2021.

Bitcoin’s value was resuscitated from further plunge when he tweeted: “To clarify speculation, Tesla has not sold any Bitcoin.” 

Musk triggered speculations when he tweeted on Wednesday that Tesla would halt accepting Bitcoin as payment for its electric vehicles over token’s insanity in energy consumption. 

Earlier own, Musk attracted criticism from environmentalist over his promotion of cryptocurrency, which consumes lot of energy during crypto-mining. 

Unconfirmed sources indicate that Musk is contemplating to mine bitcoin in space using solar-powered systems and source internet services from SpaceX Starlink.

Why Musk has Dumped Bitcoin?

Elon Musk seems to be falling out with Bitcoin as he strives to uplift dogecoin. The SpaceX CEO and Tesla cofounder has magical spell, deciphered in his brief tweets that impact global crypto fad. His twitter posts have seen the rise and fall of several cryptocurrencies.

Tesla started accepting Bitcoin after Musk’s declaration on March. His pronouncement came after Tesla bought Bitcoin valued at $1.5 billion. The initial crypto-investment pushed the value of bitcoin higher.

The volatility of bitcoin’s value might be a major impediment towards its acceptability in major retailers. Crypto investors believe that Musk has a rich background regarding cryptocurrencies and there is more to be discerned over his several tweets. 

Musk’s Monday announcement also impacted to massive sell-off in several cryptocurrencies including dogecoin, ether and XRP. It’s undisputable that Musk is one of the major drivers of the bitcoin success. Musk has expressed his interest in dogecoin – a cryptocurrency that was coined from a joke in 2013.

Twitter explodes over Bitcoin crush

Crypto investors are now worried over the manipulation of crypto value by Musk. His tweets have proven to be a major shaker to the crypto market. The world tycoon proofs to know more than he can divulge to the world.

Bitcoin trended on Twitter for the better part of Monday as social media enthusiasts delved deeper into discussing the impact caused by Musk’s post.

One person wrote on Twitter: This is a game #Bitcoin then @elonmusk will buy again at drop price.. #bitcoin is gambling, not against buying of #Bitcoin but if you not good in gambling/ game you ganna loose chief.”

Another person tweeted: Sold my @Tesla stock today to buy more #Bitcoin. Bitcoin don’t need Elon.”

Comments

Popular posts from this blog

How Human Noise Kills Marine Species, as revealed by Scientists

Scientists have warned that the discord of noise made by humans is harming marine species .  A comprehensive assessment revealed that large noise from human activities was as harmful as pollution, overfishing and climate change .  The study that was conducted by the Journal Science exposed how marine animals can hear from far distances than they can see or smell. According to a report published in the Guardian, most of the marine life uses sound to catch prey as well as attracting a mating partner.  Prof Carlos Duarte of King Abdullah University in Saudi Arabia argued that: “Marine animal can only sea up to around 10 meters, smell up to around a hundred meters, but they can hear across the entire ocean basins.” The research concluded that sound “is very important in the marine ecosystems, and noise is pervasive, affecting animals at all levels .” The increasing cacophony in the marine habitat is interfering with how marine animals respond to various survival...

Why Ruto will heavily rely on Mudavadi, Joho in his reelection bid

 When Kenya president William Ruto was almost overwhelmed with gen z revolt, his landmark decision was to dismiss the entire cabinet. This occurred immediately after his refusal to sign the Finance Bill 2024/2025. Ruto endeavored to reconstitute a new cabinet, dubbed broad-based executive. He incorporated key opposition figures drawn from the ODM Party - a move that appeased the doyen of opposition Raila Amollo Odinga. Cabinet Secretaries drawn from ODM included: Hassan Ali Joho, Wycliffe Ambetsa Oparanya, John Mbadi Ng'onga and James Opiyo Wandayi. ODM is as good as dead, and Raila's age factor limits him from flying the Party's presidential flag again and has opted out by contesting as Africa Union Commission (AUC) chairman. President Ruto will heavily rely on two members of his cabinet in his reelection bid. Both Musalia Mudavadi and Hassan Ali Joho are billionaires going by their own assertion while appearing before the Parliamentary Committee on Appointments. President...

Kenya’s Quest for New Chief Justice: Unraveling Maraga’s Successor

The Judicial service Commission (JSC) began the process of seeking Kenya’s new Chief Justice (CJ) and President of the Supreme Court, on Monday April 12, 2021. 13 individuals applied for the CJ position, but after a thorough scrutiny 3 were dropped.  The process began after the clearance of ten candidates wishing to succeed former Chief Justice David Kenani Maraga. Among those cleared for interviews were: Justice Said Chitembwe, Prof Patricia Mbote, Justice Martha Koome, Justice David Marete Njagi, former DPP Philip Murgor, Justice Mathew Nduma Nderi, Senior Counsel Fred Ngatia, Justice William Ouko, Prof Moni Wekesa, and Alice Yano. JSC interviewing panel The interview panel was cast out of a nine-member bench drawn from JSC which includes: Prof Olive Mugenda (public representative/ JSC chairperson), Philomena Mwilu (acting Chief Justice), Agnes Amadi (Chief registrar of judiciary), Justice David Majanja (JSC commissioner), Justice Mohammed Warsame (JSC commissioner), ...